Minister Phil Gawne said 'In the light of the recent budgetary changes, I feel it is important to re-assess the investment priorities which we should support agriculture through this capital investment support scheme, to maximise the impact of this support towards improving the sustainability of the farming sector. We would like to take time to discuss and agree these priorities with the industry and will subsequently seek to re-open the scheme as soon as possible, with an increased focus on specific areas of investment.'

He added: 'We view this is as an important area of support, however, the current financial climate means it is essential we focus on how to make every penny of the support deliver real improvements for the agriculture industry.

'Similarly, the elements of the Fishing Vessel (Financial Assistance) Scheme providing grants towards the purchase of fishing vessels, engines or winches will be closed with immediate effect. This will come as a blow for those skippers planning on purchasing vessels in the near future. However, recent investigations have indicated that the wider benefits of the Scheme to the Manx economy are marginal at best, and many vessel owners choose not to take advantage of the Scheme when they purchase vessels. 9 of the last 11 potting vessels purchased on Island have received no grant aid whatsoever. The Isle of Man is the only country in Northern Europe that continues with vessel grants of this nature, and evidence from the UK, where a similar Scheme was abolished more than 20 years ago, indicates that young skippers still manage to progress into the industry.'

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